Smart Borrower Blog

Archive for the ‘Student Borrowing’ Category

Household Debt Tops Pre-Recession High

Feb 20th, 2019 @ 9:58 PM by Amber Nelson

Americans owed $13.54 trillion in household debt as of the 2018 fourth quarter, according to data from the Federal Reserve Bank of New York, a 0.2% increase from the third quarter and the 18th straight quarterly gain. Total household debt has surpassed even the pre-recession peak of $12.68 trillion and is 21% higher than the […]

more »

Serious Auto Loan Delinquencies Reach All-Time High

Feb 14th, 2019 @ 1:29 PM by Amber Nelson

More Americans are seriously delinquent on their car payments than ever before, according to new data from the Federal Reserve Bank of New York, a troubling sign amid a growing economy. Almost 7 million U.S. consumers are now behind on their auto loans by 90 days or more, the highest figure in the 19-year history […]

more »

The South Posts Worst Student Loan Delinquencies

Jan 30th, 2019 @ 5:16 PM by Amber Nelson

Student loans may be second place in size compared to mortgages when it comes to household debt, but they are first in delinquency rates, according to data from Student Loan Hero. The report found that the average delinquency rate among student loan borrowers in 100 of the nation’s largest metro area was 18.8%. (Delinquencies are […]

more »

Student Loan Debt Sets New Record High

Dec 20th, 2018 @ 10:44 PM by Amber Nelson

U.S. student loan debt has reached a new all-time high and shows no sign of backing down, according to data from Bloomberg. Total outstanding student loans grew to $1.465 trillion in November, the highest level on record and more than twice the amount of student loan debt that existed in June 2009 at the official […]

more »

Student Loan Defaults Could Reach 40% by 2023

Nov 7th, 2018 @ 11:22 AM by Amber Nelson

U.S. student loan borrowers are defaulting at such a steep rate that on the current trajectory as many as 40% of all borrowers could be in default within the next five years, according to a report from the Urban Institute. Student loans now make up the second-largest consumer debt category. Today there are more than […]

more »

Top 5 Best and Worst States at Managing Debt

Sep 19th, 2018 @ 9:57 PM by Amber Nelson

Researchers have found a wide spread between the states where residents pay off their debts well versus those that don’t. Financial website Credible conducted a survey of over 540,000 borrowers from across all 50 U.S. states and found that credit card bills and student loans along with high housing costs are what keep many Americans from […]

more »

The Student Loan Programs That Backfired

Sep 5th, 2018 @ 8:38 PM by Amber Nelson

Student loan debt continues to stack up even though there are fewer and fewer people applying for those loans. Student loan applications have plunged 20% over the past six years, while total student debt has skyrocketed by $500 billion in that time to an all-time high of $1.5 trillion. What is going on? Two government […]

more »

Consumer Household Debt Tops Record High

Aug 16th, 2018 @ 8:31 PM by Amber Nelson

Americans now have more debt than ever before, according to data from the Federal Reserve Bank of New York, but serious delinquency rates have remained near historic lows. Total U.S. household debt now amounts to $13.29 trillion as the of the 2018 second quarter, up 0.6% from the first quarter. This marks the 16th straight quarterly […]

more »

Proposed Rule Tightens Restrictions on Student Loan Forgiveness

Jul 26th, 2018 @ 8:40 PM by Amber Nelson

Americans with student loan debt may soon have a tougher time getting that debt forgiven in some cases. The U.S. Department of Education has proposed new rules that would place a bigger burden of proof on former students to show that their college misled them about their future employment earnings or opportunities. The Department of […]

more »

How the New Tax Bill Will Affect Student Loan Borrowers

Dec 20th, 2017 @ 2:52 PM by Amber Nelson

U.S. student loan borrowers will not see increased taxes under the new tax bill being sent to President Donald Trump, a breath of fresh air for those already under a heavy debt burden. “The Senate tax bill represents a significant improvement over the measure passed by the House,” said Ted Mitchell president of the American […]

more »